SEC rethinks Solana ETFs? 🟣

The SEC has entered "new territory" by acknowledging a Solana ETF application, one analyst said. Are the floodgates about to open?

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📝 What you need to know

Will Solana ETFs be the next to see approval from the new-look SEC under President Donald Trump? There’s no firm indication yet, but a move from the agency suggests that the regulator might be looking at Solana in a different way.

On Thursday, the SEC acknowledged a rule change proposed by NYSE Arca to list the Grayscale Solana Trust as a commodity-based trust, which experts are taking as a potentially positive shift. In the past, the SEC has alleged that SOL is a security, so even the nod from the regulator is a notable step forward.

“This is the first time an ETF filing tracking a coin that had previously been called a ‘security’ has been acknowledged by SEC,” Bloomberg Senior ETF Analyst Eric Balchunas wrote on X. “We are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change.”

Grayscale isn’t the only firm to file to launch a spot Solana ETF, with VanEck, 21Shares, and Bitwise among the other prominent issuers with interest. Applications have been piling up for the likes of XRP, Dogecoin, and Litecoin ETFs too, not to mention oddities like TRUMP and BONK. Are the floodgates about to open?

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